Owing to PTI-IMF deal, govt left with no choice but raise fuel prices: PM

Islamabad: Prime Minister Shehbaz Sharif Thursday defended the fuel price hike, saying the government was “left with no choice” due to the International Monetary Fund (IMF) deal that the Pakistan Tehreek-e-Insaf (PTI) government signed. 

On his official twitter handle, the premier said he is acutely aware of the impact that a fuel price hike causes.

Prime Minister added that the nation will soon be taken into confidence on the specifics of the IMF-PTI deal—expressing the confidence that Pakistan will get out of “economic difficulties”. 

Shehbaz Sharif wondered whether those who struck the worst ever deal with the IMF and took patently bad economic decisions have the conscience to face the truth. 

“How can they pretend to be innocent when what the nation is going through is clearly their doing,” he stressed. 

I wonder whether those who struck the worst ever deal with IMF & took patently bad economic decisions have the conscience to face the truth. How can they pretend to be innocent when what the nation is going through is clearly their doing? Details soon https://t.co/6Cjeimgfd1

— Shehbaz Sharif (@CMShehbaz) June 16, 2022

It is pertinent to mention here that the petroleum prices has been increased for the third time in a month. 

On Wednesday, Federal Finance Minister Miftah Isamil, addressing a press conference, said the new prices would come into effect from midnight. 

Starting from June 16, the price of petrol will be Rs233.89 per litre, diesel will be Rs263.31, kerosene oil will be sold for Rs211.43, and the price of light diesel oil will be Rs207.47, the minister said.

At the outset of the press briefing, Miftah criticised the previous government's policies that, according to him, "deteriorated the country's economy".

"Imran Khan had deliberately reduced the prices of petrol by giving subsidies," Miftah said.

The finance minister maintained the incumbent government was bearing the brunt of that, adding that currently, Pakistan, on every litre, was bearing a loss of Rs24.03 on petrol, Rs59.16 diesel, Rs39.49 kerosene oil, and Rs39.16 on light diesel oil.

He said that in May, this loss had gone past Rs120 billion — three times greater than running the expenses of the civil government, which amounts to Rs40 million.

The government has raised the petrol price by more than Rs84 per litre in the last 20 days.